Buy GBPUSD Wedge Breakout

The GBP/USD pair on the H1 timeframe presents a potential Buying opportunity due to a recent downward breakout from a well-defined Wedge pattern. This suggests a shift in momentum towards the Upside in the coming Hours.

Key Points:

Buy Entry: Consider entering a Long position around the current price of 1.2660, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels:
1st Support – 1.2737
2nd Support – 1.2803

Stop-Loss: To manage risk, place a stop-loss order below 1.2600. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

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Market Factors:

Weaker USD: The US Dollar might experience some weakness due to profit-taking after recent gains. If the USD weakens broadly against other currencies, it could benefit the GBP/USD pair.

Positive UK Data: Stronger-than-expected economic data releases from the UK could boost confidence in the Pound and lead to its appreciation against the USD.

Dovish Fed vs. Hawkish BoE Expectations: The Federal Reserve might be nearing the end of its interest rate hike cycle, while the Bank of England (BoE) could take a more hawkish stance to combat inflation. This narrowing of the interest rate differential could strengthen the GBP relative to the USD.

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Now running with Good profit